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Tuesday, January 5, 2010

KURNIA / 5193 - 2009 Q3

KURNIA SETIA BERHAD

Listing Date: 06.11.1991
Market: MAIN
Sector: PLANTATION
Par Value: 1.00
Major Industry: Food & Beverages
Sub Industry: Miscellaneous Food


Kurnia Setia Berhad (KSB) is a Malaysia-based company engaged in the cultivation of oil palms, sale of fresh fruit bunches and other related products. The Company is organized into three major business segments. The Plantation segment is engaged in the cultivation of oil palms, and sale of fresh fruit bunches and other related products. The Construction and Property Development segment is involved in building construction, general construction and property development. The Trading segment is engaged in general trading activities. On January 8, 2008, the Company acquired Kurnia Setia Land Sdn. Bhd. (formerly known as Inland Residences Sdn. Bhd.). On January 16, 2008, the Company had acquired Alur Cemerlang Sdn. Bhd. (formerly known as Puncak Pengkalan Sdn. Bhd.).

My decison: NOT BUY
Reason: Privatisation at RM2.7

My study based on 2009 Q3 report (number in '000):
- ROE compare to last Q increased 0.92% to 3.15% but lower than last year 1.58%
- Revenue compare to last Q growth 24.37% to 33113 and profit also growth 43.51% to 9094 because the production of FFB is 65,106 metric ton in the current quarter, compared to 46,247 metric ton in preceding quarter; As compare to last year revenue drop 21.78% and profit also drop 29.72%, mainly due to the decrease in Crude Palm Oil (CPO) prices, which averaged at RM3,243 per metric ton in the previous year’s financial period, to RM2,243 per metric ton and dropped of FFB from 160498 metric ton to 153644 metric ton
- Equity compare to last Q increased 1.82% to 288806, assets increased 1.73% to 365367 and liabilities also increased 1.37% to 76561; As compare to last year equity increased 5.58%, assets increased 7.16% and liabilities also increased 13.61%
- Got FCF 4605, NCF -3023
- Profit margin compare to last Q increased 3.66% to 27.46% but lower than last year 3.11%
- DE compare to last Q decreased 0.0012 to 0.2651 but compare to last year increased 0.0187
- No dividend proposed
- My estimate next 4Q eps after 2009 Q3 result announced = 0.0826*4 = 0.3304, estimate PE on current price 2.6 = 7.72 (DPS 0.05)
- From date 2009-08-20 to 2009-11-25 after 2009 Q2 result announced, highest price on 2009-09-24 was 2.64 and lowest price on 2009-11-13 was 2.58. Estimate next 4Q eps = 0.0586*4 = 0.2344, estimate highest/lowest PE = 11.05/10.79 (DPS 0.05)
- From date 2009-05-28 to 2009-08-19 after 2009 Q1 result announced, highest price on 2009-07-10 was 2.68 and lowest price on 2009-05-28 was 2.18. Estimate next 4Q eps = 0.0596*4 = 0.2384, estimate highest/lowest PE = 11.03/8.72 (DPS 0.05)
- From date 2009-02-26 to 2009-05-27 after 2008 Q4 result announced, highest price on 2009-05-25 was 2.19 and lowest price on 2009-03-16 was 1.84. Estimate next 4Q eps = 0.0277*4 = 0.1108, estimate highest/lowest PE = 19.31/16.16 (DPS 0.05)
- Divident in sen 2008 = 0.15 (proposed 5 sen after Q4 and 10 sen after Q2), 2007 = 0.125 (proposed 7.5 sen after Q4 and 5 sen after Q2), 2006 = 0.06 (proposed 6 sen after Q4)

year qrt RM roe c_roe rev c_rev prof c_prof eps c_eps asset liab mino equi cfo cfi cff cash fcf net final share c_share market date prof_m pe de aps vat
2009 3 2.62 0.0315 0.0751 33113 77699 9094 21700 0.0826 0.1971 365367 76561 2526 288806 15946 -11341 -7628 95951 4605 -3023 92928 110096 110096 288451 2009-09-30 0.2746 0.0 0.2651 3.3186 0.3739
2009 2 2.66 0.0223 0.0444 26624 44586 6337 12606 0.0586 0.1167 359156 75524 1953 283632 2587 -5430 -1589 95951 -2843 -4432 91519 108061 108061 287442 2009-06-30 0.238 0.0 0.2663 3.3236 0.2553
2009 1 1.86 0.0227 0.0227 17962 17962 6269 6269 0.0596 0.0596 347238 71270 1801 275968 55 -1339 -1524 95951 -1284 -2808 93143 105193 105193 195658 2009-03-31 0.349 0.0 0.2583 3.301 0.2382
2008 4 1.5 0.0097 0.1771 23383 145141 2627 47734 0.0277 0.5026 344387 74847 1643 269540 48414 -6527 26903 27143 41887 68790 95933 94970 94970 142455 2008-12-31 0.1123 2.9844 0.2777 3.6263 0.0245
2008 3 1.8 0.0473 0.1649 42331 121758 12939 45107 0.1358 0.4733 340944 67391 1484 273553 41853 -2222 26221 27143 39631 65852 92995 95294 95303 171529 2008-09-30 0.3057 0.0 0.2464 3.5778 0.3429
2008 2 2.48 0.0613 0.1206 43842 79427 16341 32168 0.1714 0.3374 351258 84568 1990 266690 31626 -1023 34338 27143 30603 64941 92084 95336 95336 236433 2008-06-30 0.3727 0.0 0.3171 3.6844 0.2829
2008 1 2.18 0.0746 0.0746 35585 35585 15827 15827 0.2091 0.2091 291008 78743 1183 212265 12044 -213 -1166 27143 11831 10665 37808 75682 75682 164986 2008-03-31 0.4448 0.0 0.371 3.8451 0.2646
2007 4 2.72 0.0500 0.1634 32851 103318 9780 31938 0.1330 0.4343 263777 68279 561 195498 13401 -1072 1532 13282 12329 13861 27143 73541 73541 200031 2007-12-31 0.2977 6.2631 0.3493 3.5868 0.2901
2007 3 2.72 0.0708 0.1185 35721 70467 13243 22158 0.1804 0.3018 261107 74164 70 186943 14312 -1360 5816 13282 12952 18768 32050 73409 73419 199672 2007-09-30 0.3707 0.0 0.3967 3.5569 0.3068
2007 2 2.55 0.0406 0.0504 22157 34746 7176 8915 0.0977 0.1214 248077 71243 0 176834 -2381 -663 11535 13282 -3044 8491 21773 73426 73426 187236 2007-06-30 0.3239 0.0 0.4029 3.3786 0.248
2007 1 2.28 0.0112 0.0112 12589 12589 1739 1739 0.0254 0.0254 228852 73549 0 155303 -2381 -663 11535 13282 -3044 8491 21773 68515 68515 156214 2007-03-31 0.1381 0.0 0.4736 3.3402 0.2501
2006 4 1.91 0.0093 0.0581 16482 56692 1428 8902 0.0208 0.1295 224381 71095 0 153286 16969 -2631 -5679 4623 14338 8659 13282 68739 68739 131291 2006-12-31 0.0866 14.7485 0.4638 3.2642 0.4771

yearqrt Biological assets (A-0) Land held for property development (A-0) Other investments (A-0) Prepaid lease payments (A-0) Property, plant and equipment (A-0) Quoted investment (A-0) Cash and cash equivalents (A-1) Inventories (A-1) Marketable securities (A-1) Property development costs (A-1) Trade and other receivables (A-1) Deferred tax liabilities (L-0) Employee benefits (L-0) Loans & borrowings (L-0) Current tax liabilities (L-1) Loans & borrowings (L-1) Trade and other payables (L-1) Minority interest (M-1)
2009 3 57204 30641 5 106089 23140 642 92928 4638 1937 32539 15604 35362 1857 16203 447 5388 17304 2526
2009 2 54930 30641 5 105106 22571 863 91519 4220 1937 27644 19720 34990 1857 17599 187 5265 15626 1953
2009 1 53552 30641 5 105695 21725 - 93143 2731 1937 22750 15059 34821 1857 18718 134 5077 10663 1801
2008 4 52729 30641 5 106054 20998 - 95951 1727 1937 20812 13533 34879 1911 19954 102 4953 13048 1643
2008 3 51180 - 5 135745 21143 - 92995 3046 4693 17425 14712 39511 1651 8241 2469 5014 10505 1484
2008 2 50834 - 5 136227 20241 - 92726 3345 6693 10553 30634 39655 1759 8647 7212 4909 22386 1990
2008 1 50803 - 5 136712 20068 - 37808 2553 14693 6090 22276 39813 1759 8964 5016 4331 18860 1183
2007 4 51711 - 5 137215 19523 - 27143 434 14693 4745 8308 40005 1759 9984 1591 4320 10620 561
2007 3 51036 - 5 137692 11593 - 32755 1325 277 2207 24217 40588 1440 10580 4775 5373 11408 70
2007 2 51842 - 5 138169 12093 - 22472 931 277 1467 20821 40725 1440 12449 2022 5367 9240
2007 1 52112 - 5 138677 12179 - 16081 1528 277 1031 6962 40889 1594 13401 428 5907 11330
2006 4 52515 - 5 139160 12431 - 13282 868 277 1031 4812 41067 1650 14539 606 4740 8493

yearqrt Revenue/Interest income Income tax expense Cost of sales/Interest expense Finance costs/income Minority interest
2009 3 33113 -5430 -17730 -286 -573
2009 2 26624 -2173 -17646 -316 -152
2009 1 17962 -1960 -9226 -349 -158
2008 4 23383 -66 -20828 297 -159
2008 3 42331 -6751 -20883 -1248 -510
2008 2 43842 -6446 -19102 -1146 -807
2008 1 35585 -5696 -12966 -474 -622
2007 4 32851 -3997 -18143 -440 -491
2007 3 35721 -5861 -15910 -637 -70
2007 2 22157 -2367 -12143 -471
2007 1 12589 -580 -9797 -473
2006 4 16482 -1303 -13316 -435








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